> Amazon ran for, what? 20 year with no profit.

Profit is a weird metric, in that one can defer necessary expenditure to show increases in it, while having negative profit was a good signal for Amazon as they invested all that money.

The labs are not really in the same position though, as their major capital expenditure is training models, which keeps getting more expensive and they can't stop as the frontier keeps moving.

We'll see when the S-1's come out I guess.

no profit is very different from running at extreme loss, as an example. A company can be eternally stable with zero profit, while another very profitable vultur capitalist company will eventually run out of companies to gut for good looking on paper flow. In the same way, is the current valuation and i come based on a real good or service delivered that people genuinly are happy to pay for at tge rates current valuations indicate? Clearly that's a no, so, problem.